TaxTMI 
TaxTMI 
TaxTMI 
2010 (7) TMI 418
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....cel of the export turnover and total turnover of the business for the purposes of section 80HHC of the Income-tax Act, 1961 ? (ii) Whether the Tribunal was justified in law in holding that the sum of Rs. 10,61,326 was not integral part of the appellant's export turnover/sale proceeds and its purported findings in this behalf are arbitrary, unreasonable and perverse ?" 2. On a bare reading of the two questions as above, it appears to us that the answer to question No. 1 is depending upon the answer of question No. 2. 3. In this appeal, the basic question is whether a gain of Rs. 10,61,326 because of fluctuation in foreign exchange rate in the course of export of the goods can be treated to be an export turnover in ord....
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.... in writing) that the assessee is, for reasons beyond his control, unable to do within the said period of six months, within such further period as the Chief Commissioner or Commissioner may allow in this behalf." 6. It has been explained therein the meaning of "export-turnover" which reads as follows: "`export turnover' means the sale proceeds received in, or brought into India by the assessee in convertible foreign exchange [in accordance with clause (a) of sub-section (2) of any goods or merchandise to which this section applies and which are exported out of India, but does not include freight or insurance attributable to the transport of the goods or merchandise beyond the customs station as defined in the Customs Act, 1....
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....er clarified that the said amount of Rs. 5,61,098 as observed by the Assessing Officer is relatable to some other item which is not the subject-matter and in any event, due and proper extension had been granted. He also pointed out that this surplus owing to fluctuation of foreign exchange rate in connection with export is always treated to be an export turnover within the meaning and, as such, is deductible. He has cited a judgment of the Gujarat High Court in the case of CIT v. Amba Impex [2006] 282 ITR 144. 11. Mr. L. K. Chatterjee, appearing for the Revenue, on the other hand, contends that it has been recorded by the Assessing Officer that the entire turnover includes the export turnover which was not realized within the stipul....
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.... neither the Commissioner of Income-tax (Appeals) nor the Tribunal have gone into the question whether the export turnover was realized beyond six months or not. Hence, we do not think that this question should be decided by us as no such point has been formulated by this court, nor any cross-appeal has been filed in this case. We are of the view that this amount received in a year or subsequent year by virtue of exchange rate difference cannot be said to be unrelatable to the export made. The same view has also been taken by the Gujarat High Court in the case of Amba Impex [2006] 282 ITR 144 and it has been held almost on the identical fact that "As a corollary, by the time such sale proceeds are received within the prescribed time, by vir....